• Saturday, December 09, 2023
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Nigeria’s inflation rises in February amid fuel shortages

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Nigeria’s headline inflation rate witnessed a significant uptick as it increased by 15.70 percent in the month of February.

The National Bureau of Statistics (NBS), in its Consumer Price Index report released on Tuesday, attributed the marginal increase to a surge in energy prices which emanated as a result of the scarcity of petrol and the ongoing crisis between Russia and Ukraine.

Headline inflation increased by about 0.1 percent higher than the 15.60 percent witnessed in January inflation report.

On a month-on-month basis, headline index increased to 1.63 percent in February 2022, this is 0.16 percent rate higher than the rate recorded in January 2022 which stood at 1.47 percent.

Food inflation increased to 19.69% in February as against 20.09% the previous month.

The rise in food index was caused by increases in prices of bread and cereals, food products n.e.c., potatoes, yam and other tubers, oils and fats and fruit.

Core inflation, which excludes the prices of volatile agricultural produce stood at 14.01 percent month-on-month, up 0.53 percent compared to 13.33 percent in January 2021.

Read also: Nigeria facing unprecedented budget deficit, surging inflation says EIU

The highest increases under the core sub section were recorded in prices of gas, liquefied fuel, tobacco, spirit, narcotics, solid fuel, cleaning repair and hire of clothing, garments, shoes and other foot wear.

Other services in respect of personal transport equipment, clothing materials, other articles of clothing and clothing accessories and other services also contributed to the rise witnessed in core inflation.

Urban inflation rate increased to 16.25 percent year-on-year in February 2022 from 17.92 percent recorded in February 2021; while Rural inflation rate increased to 15.18 percent in February 2022 compared to the 16.77 percent in February 2021.